Weingarten in TIAA-CREF Venture

They'll acquire retail centers.
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Real estate investment trust

Weingarten Realty Investors

(WRI) - Get Report

and

TIAA-CREF Global Real Estate

announced Wednesday a joint venture to acquire seven neighborhood/community anchored retail centers.

The centers total 1,259,000 square feet and are located in the metropolitan markets of South Florida, Orlando, and Tampa/St. Petersburg.

TIAA-CREF would hold 80% stake in the venture. Weingarten would have 20% stake and would also manage and lease the properties, the Houston-based company said.

"We are very proud to have TIAA-CREF as a strategic partner. In this joint venture we are teaming up with one of the country's premier institutional real estate investors while diversifying Weingarten's available capital resources," Weingarten said.

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